{"act":{"id":"finance-act-2014","short_title":"The Finance Act, 2014","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2014-2015.","act_number":"25","act_year":2014,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":129,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2014/"},"unit":"section","section":{"number":"16","heading":"Amendment of section 44AE","text":"Amendment of section 44AE. 16. In section 44AE of the Income-tax Act, with effect from the 1st day of April, 2015,— (i) | for sub-section (2), the following sub-section shall be substituted, namely:— \"(2) For the purpose of sub-section (1), the profits and gains from each goods carriage shall be an amount equal to seven thousand five hundred rupees for every month or part of a month during which the goods carriage is owned by the assessee in the previous year or an amount claimed to have been actually earned from the vehicle, whichever is higher.\"; (ii) | in the Explanation, for clause (a), the following clause shall be substituted, namely:— '(a) | the expression \"goods carriage\" shall have the meaning assigned to it in section 2 of the Motor Vehicles Act, 1988 (59 of 1988);'. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 44AE.</b></p><p><b>16.</b> In section 44AE of the Income-tax Act, with effect from the 1st day of April, 2015,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for sub-section (2), the following sub-section shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(2) For the purpose of sub-section (1), the profits and gains from each goods carriage shall be an amount equal to seven thousand five hundred rupees for every month or part of a month during which the goods carriage is owned by the assessee in the previous year or an amount claimed to have been actually earned from the vehicle, whichever is higher.\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in the <i>Explanation, </i>for clause (<i>a</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>a</i>)</td><td></td><td>the expression \"goods carriage\" shall have the meaning assigned to it in section 2 of the Motor Vehicles Act, 1988 (59 of 1988);'.</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":142,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2014/section/16/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}